For grandparents who want to leave a meaningful legacy, estate planning offers a unique opportunity to support their grandchildren while passing down both wealth and values. Beyond conventional approaches, there are strategic methods tailored to the specific goals of grandparents. If you are considering including your grandchildren in your estate plan, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain some estate planning strategies for grandparents to help you do so … [Read more...] about Estate Planning Strategies for Grandparents
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Year-End Estate Planning: How to Avoid Probate in 2025
As the year comes to a close, it’s a prime time to review your estate plan and consider updates that can prevent probate issues in 2025. Probate can be a costly, time-consuming process that delays your loved ones’ access to inherited assets. Taking proactive steps now can help ensure that your estate bypasses probate altogether, making transitions smoother for your family. 1. Create or Update a Living Trust Establishing a living trust is one of the most effective ways to avoid probate. A … [Read more...] about Year-End Estate Planning: How to Avoid Probate in 2025
How to Prepare for Probate During the Holiday Season
The holiday season brings a unique set of challenges for families navigating the probate process. Balancing probate tasks with holiday obligations can add stress to an already busy time of year. If you’re an executor or family member managing an estate, these practical steps can help streamline the probate process and ensure everything is moving forward smoothly, even amid holiday distractions. 1. Plan Around Holiday Court Schedules Probate courts often operate on limited schedules during … [Read more...] about How to Prepare for Probate During the Holiday Season
End-of-Year Estate Planning: Steps to Protect Your Family in 2025
The end of the year is an ideal time to review your estate plan and make updates to ensure your family’s financial security. Proactive planning now can help you avoid complications and expenses, especially when it comes to minimizing probate and addressing any tax implications for the upcoming year. Here’s a checklist of essential steps to keep your estate plan up to date and aligned with your goals for 2025. 1. Review Beneficiary Designations Make sure that your beneficiary designations … [Read more...] about End-of-Year Estate Planning: Steps to Protect Your Family in 2025
What Is a HIPAA Release?
We are going to look at a particular document that should be part of your estate plan, but first, we have to provide some context. When you understand the larger picture, can take the right steps to prepare yourself. Aging and Incapacity It is hard to imagine life as an octogenarian, but the longevity statistics are eye-opening in this regard. The average lifespan in the United States is about 78 years when you are looking at all deaths, but many people pass away when they are very young or … [Read more...] about What Is a HIPAA Release?
How to Protect Your Child’s Inheritance in Your Estate Plan
Estate planning is an essential aspect of securing your family's future, especially when you have minor children. Protecting your minor child's inheritance requires careful and often complex estate planning because of the issues involved in gifting to minors. By taking the time to plan properly, you can provide financial security and peace of mind for your child's future. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss how to protect your child’s … [Read more...] about How to Protect Your Child’s Inheritance in Your Estate Plan
Does Your Estate Have Sufficient Liquid Assets?
Like many people, you may focus solely on amassing valuable assets when you think about estate planning. What you may not think about is the importance of including sufficient liquid assets in your estate plan. Liquidity, however, plays a critical role in estate planning by helping to ensure that debts, taxes, and other obligations are paid, and loved ones have quick access to much needed funds. To better explain, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss why it is … [Read more...] about Does Your Estate Have Sufficient Liquid Assets?
What to Do If You (or a Loved One) Are Diagnosed with Alzheimer’s Disease
The likelihood of experiencing Alzheimer's disease, either personally or through a loved one, is significant. If you, or a loved one, were recently diagnosed with Alzheimer's disease, you are likely experiencing emotional challenges and attempting to make substantial adjustments in your life. Although the diagnosis is life-altering, there are meaningful steps you can take to prepare for the journey ahead. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors discuss … [Read more...] about What to Do If You (or a Loved One) Are Diagnosed with Alzheimer’s Disease
5 Steps for Every Trustee to Take Soon after Being Appointed
Learning that you have been appointed as a Trustee can be both an honor and a daunting responsibility, especially if this is your first experience in the role. As a Trustee, you are tasked with managing trust assets and carrying out the wishes of the Grantor. Although each trust has unique provisions, there are general steps and guidelines that can help you as you begin. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors explain five steps for every Trustee to take … [Read more...] about 5 Steps for Every Trustee to Take Soon after Being Appointed
What Every Beneficiary Should Know About Trust Administration
A trust is a legal arrangement that allows a Grantor (creator of the trust) to place assets into a trust for the benefit of third-party individuals, entities, or even pets. The Trustee, appointed by the Grantor, administers the trust according to its terms and legal obligations. Although trust administration can be complex, if you are the beneficiary of a trust, it is imperative that you have a basic understanding of the trust administration process and your rights as a beneficiary. With that in … [Read more...] about What Every Beneficiary Should Know About Trust Administration
